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'Buy to let king' appeals against divorce payout
Rashid Razaq16.03.09
A MILLIONAIRE property magnate is appealing against his divorce settlement because of the recession, the second such case in less than a week.
Jim Moore, dubbed the "buy to let king", is going to court to renegotiate the £4.7million he is due to pay his former wife Kim because he says his fortune has dwindled to £3million.
The Standard revealed City investor Brian Myerson's attempt last week to get his £11million divorce payout reduced because of the credit crunch.
Mr Moore was worth an estimated £135million at the time of his divorce in 2006. He made his fortune through companies advising property speculators, but the collapse of the housing market severely dented his net worth.
His ex-wife was granted properties in Spain, Surrey and Essex worth an estimated £16million and he has to pay her the cash sum over the next three years. The couple have already spent £4million in legal fees and Mr Moore says he can no longer afford a lawyer.
He said: "I filed an objection to set aside the lump sum payment as it was clear I was left with almost no cash. I was also left with loans to real estate projects, only one of which I have been able to collect. The real problem is that most of these investments are cash consumptive. I estimate my current net worth, if I sold everything - which I couldn't without horrific losses - at £3million after fees."
The divorce lawyer representing Mr Myerson's former wife Ingrid has advised unhappy wives to stick out their marriage until the recession is over or face losing out financially.
Raymond Tooth, who only represents clients in the top two per cent wealth bracket, said: "The courts are being very wary about awards because of the problem of the ability to make payments."
